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Off Grid Energy Storage Systems Market Report 2024 - Off Grid Energy Storage Market Growth
Off Grid Energy Storage Systems Market
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According to The Business Research Company's, The off grid energy storage systems market size has grown rapidly in recent years. It will grow from $8.66 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increase in the adoption of renewable energy sources, demand for utility-scale energy storage systems, demand stemming from commercial and industrial clientele, burgeoning demand for energy resources, and shift in energy mix towards renewable sources.
The off grid energy storage systems market size is expected to see rapid growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to investment in designing and manufacturing of battery energy storage system (BESS) devices, increasing need for backup power, increasing adoption of microgrids, increasing demand for reliable and affordable energy solutions in remote and rural areas, rise in awareness and desire for energy independence, and increasing demand from residential customer. Major trends in the forecast period include technological innovations, introducing new natural and inorganic extensions, unveiling advanced battery energy storage system (BESS) units, innovation in hardware production lines, and innovations and improvements in li-ion battery technology.
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Market Drivers and Trends:
The increase in the adoption of renewable energy sources is expected to propel the growth of the off-grid energy storage systems market going forward. Renewable energy sources, such as solar, wind, and hydropower, can be replenished naturally over time. The adoption of renewable energy sources is due to social contagion, decentralized energy generation, corporate commitments, public health awareness, and climate change mitigation. Off-grid energy storage systems enhance the reliability and effectiveness of renewable energy sources by storing excess energy generated during peak production times, which can then be used when renewable resources are less available, ensuring a consistent and dependable energy supply. For instance, in 2022, according to a report published by the Department of Energy, a US-based government organization, domestic solar energy generation is projected to rise by 75% from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025. Also, wind energy generation is anticipated to grow by 11% from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the increase in the adoption of renewable energy sources drives the off-grid energy storage systems market.
Major companies operating in the off-grid energy storage systems market are focusing on developing innovative solutions, such as eco-friendly backup power solutions to enhance energy independence, increase system efficiency, and provide reliable power solutions in remote or underserved areas. Eco-friendly backup power solutions offer a sustainable and reliable alternative to traditional power systems, harnessing renewable energy sources such as solar, wind, and advanced energy storage technologies. For instance, in September 2023, BLUETTI Inc., a US-based company, launched the EP800 & B500 off-grid energy storage system. EP800 can deliver a maximum continuous output of 7,600W at either 120V or 240V, making it capable of powering multiple high-demand appliances simultaneously, such as air conditioners, heaters, and power tools. The EP800 distinguishes itself as a cost-effective and eco-friendly backup power solution by utilizing renewable energy and generating zero harmful emissions, promoting a sustainable future.
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Major Key Players of the Market:
Tesla Inc., BYD Company Ltd., Ampere*x Technology Ltd., LG Chem Ltd., Mitsubishi Heavy Industries Ltd., ABB Ltd., Toshiba Inc., NEC Energy Solutions Inc., Samsung SDI Co. Ltd., Tianneng Battery Group Co. Ltd., Panasonic Corporation, EnerSys Inc., CALB Co. Ltd., Enphase Energy Inc., SAFT SA, SMA Solar Technology AG, Sonnen Group, Fronius International GmbH, Zen Energy Pty Ltd., Aquion Energy Inc.
Off Grid Energy Storage Systems Market 2024 Key Insights:
• The off grid energy storage systems market size is expected to see rapid growth in the next few years. It will grow to $16.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Boost In Renewable Energy Adoption To Accelerate Growth In Off-Grid Energy Storage Systems Market
• Innovations In The Off-Grid Energy Storage Systems Market Enhancing Energy Independence And Reliability
• North America was the largest region in the off grid energy storage systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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